Economy in Angola set for robust growth

Citation

(2013), "Economy in Angola set for robust growth", Strategic Direction, Vol. 29 No. 8. https://doi.org/10.1108/sd.2013.05629haa.001

Economy in Angola set for robust growth

Article Type: Competitive horizon From: Strategic Direction, Volume 29, Issue 8

The government in Angola expects the country’s economy to expand by around 7.1 percent per annum over a five-year period to 2017. This strong growth will be driven mainly by other than the oil industry, validating the Ministry of Economy’s launch of measures which should help build a more diverse national economy. Increasing domestic production and boosting non-national business are other components of the five-year plan announced by the government. It is reported by www.allafrica.com that creating infrastructures to improve production capabilities and training schemes for human resources are other key ongoing developments. In addition, Angola has addressed legislation concerns so that private investment laws provide security for foreign investors and make partnering with local investors a more attractive proposition.

UK aims for tourism boost

A new tourism strategy launched by the UK government aims to see Great Britain attract 40 million foreign visitors by 2020. The figure was 31 million in 2012, when a record £18.6 billion was spent. An extra 200,000 jobs will be created by the plan which also requires the cooperation of the travel industry and private and public sector organizations. Tourism is already worth £115 billion to the UK economy and vital to future growth plans. The industry has also been responsible for one-third of all new jobs created in the last two years. A core objective underpinning the strategy is exploiting the boost the UK’s image has received following the success of the London Olympic Games. The government also intends to more closely engage with the travel industry and improve provision for overseas visitors. According to report published by www.traveldailynews.com, another intended consequence of the strategy is that visiting Britain should become a more straightforward process. The campaign to boost UK tourism will target traditional markets like France, Germany and the USA along with Brazil, India, China and Gulf States and other strong growth areas.

Slow growth predicted for Asia-Pacific in 2013

The latest Economic and Social Survey of Asia-Pacific warns that ongoing uncertainties in developed nations are likely to stifle growth in the region this year. Of the 37 locations addressed by the United Nations survey, 28 fall into the Asia-Pacific category. Six percent growth during 2013 is forecast for developing countries in the region, up from the 5.6 percent figure recorded in 2012. A report published by www.turkishpress.com points out how a slowdown in China would especially impact on other Asia-Pacific countries. China is the biggest export market for the region and imports around half of its intermediate goods from there and Japan. Additional problems noted in the report include low wages in the region for a billion workers, together with issues surrounding job security and working conditions. The United Nations survey also concluded that rising income inequality poses a real threat to shared prosperity.

Rise in demand expected for man-made fibers in India

A report published by the India Times (www.economictimes.indiatimes.com) predicts that consumption of man-made fibers in India is set for an annual rise of 5.2 percent through to the end of fiscal year (FY) 2015-16. High potential for growth exists in the country’s domestic market because the 1.7 kg per capita consumption recorded during FY 2012-13 was well below the global average of 10 kg per annum. It is anticipated that by the end of FY 2015-16 the yearly consumption rate will have increase to 2.1 percent. The report states that cotton shortages and lower costs will drive the extra demand for man-made fibers like polyester and viscose in India. As the economic outlook brightens, the purchase of clothing and textiles should increase. Other factors expected to positively impact on demand include growth in disposable income, mounting urbanization, the expanding consumer class, increased retail presence and credit and debit card usage.